Credit Union Is First Financial Institution In Maine To Introduce New Education Loan

October 25, 2013

A Maine credit union has become the first financial institution in Maine to introduce a new private education loan for Maine students and families.  Seaboard Federal Credit Union has begun offering this new private education loan effective immediately.   
“This new student loan will offer Maine students and families competitive rates from a trusted local lending partner,” said Kyle Casburn, President/CEO at Seaboard FCU. “More families are looking for ways to bridge the gap between savings and financial aid and the total cost of college. We are pleased to offer this new solution to them.”
Students and families can apply online from Seaboard’s website. The application process includes financial education to help ensure that students understand borrowing for higher education. Students will also have access to financial education tools designed to increase the financial capability of college students.
Seaboard FCU is partnering with the Finance Authority of Maine (FAME) on the new loan.  FAME is supporting the new loan with financial education content and cost-effective infrastructure.  The Maine Credit Union League, Seaboard FCU and several other Maine credit unions worked with FAME during the last legislative session to successfully pass this legislation.   
“We are pleased to be partnering with Seaboard on this product,” stated Beth Bordowitz, FAME’s Chief Executive Officer. “Maine families will now have additional local sources to obtain necessary financing for higher education and be able to do so with important financial education built into the process.”